Portland, OR, Oct. 05, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global hazmat suits market generated $6.7 billion in 2020, and is projected to reach $11.6 billion by 2030, witnessing a CAGR of 5.8% from 2023 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Stringent laws & regulations regarding work environment safety and increase in the number of nuclear power plants across the globe drive the growth of the global hazmat suits market. However, oxygen depletion issue in Level A hazmat suits and availability of poor quality, low-cost products restrain the market to some extent. On the other hand, technological advancements in hazmat suits presents new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of factories.
- This resulted in sudden fall in demand for protective equipment, hampered the development of advanced hazmat suits, and disrupted the supply chain.
- The COVID-19 impact on the hazmat suits market is expected to remain in force till the fourth quarter of 2023.
The report offers detailed segmentation of the global hazmat suits market based on application, safety standard, end use, and region.
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Based on application, the infection control & biohazard segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 6.0% from 2023 to 2030.
Based on safety standard, the Level A segment held the largest market share in 2020, holding around two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 6.2% from 2023 to 2030.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding around two-fifths of the global hazmat suits market, and is estimated to continue its dominant share by 2030. However, Asia-Pacific region is projected to manifest the fastest CAGR of 9.5% during the forecast period.
Leading players of the global hazmat suits market analyzed in the research include 3M Company, Alpha Pro Tech, Ltd., Drägerwerk AG & Co. KGaA, Dupont DE Nemours, Inc., Honeywell International Inc., Kappler, Inc., Kimberly-Clark Corporation, Lakeland Industries Inc., MATISEC, and MSA Safety Incorporated.
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